A and B, who were sharing profits and losses in the ratio of 60% and 4

1.	A and B, who were sharing profits and losses in the ratio of 60% and 40% respectively, decided to dissolve the firm on 31st March, 2015 on which date some of the balances were as follows : Amount (Rs.)A's Capital2,40,000B's Capital (Debit Balance)25,000Profit & Loss A/c (Debit Balance)30,000Trade Creditors40,000Loan from Mrs. A20,000Cash at Bank15,000 The assets (other than cash at bank) realised Rs 1,90,000 and all liabilities were paid off less 5% discount. Realisation expenses amounted to Rs 4,000. Prpare Realisation Account. Capital Accounts and Bank Account assuming that both the partners are solvent.
Answer» A and B, who were sharing profits and losses in the ratio of 60% and 40% respectively, decided to dissolve the firm on 31st March, 2015 on which date some of the balances were as follows : $\begin{matrix} Amount (Rs.) A's Capital & 2, 40, 000 B's Capital (Debit Balance) & 25, 000 Profit & Loss A/c (Debit Balance) & 30, 000 Trade Creditors & 40, 000 Loan from Mrs. A & 20, 000 Cash at Bank & 15, 000 \end{matrix}$ The assets (other than cash at bank) realised Rs 1,90,000 and all liabilities were paid off less 5% discount. Realisation expenses amounted to Rs 4,000. Prpare Realisation Account. Capital Accounts and Bank Account assuming that both the partners are solvent.

A and B, who were sharing profits and losses in the ratio of 60% and 40% respectively, decided to dissolve the firm on 31st March, 2015 on which date some of the balances were as follows : Amount (Rs.)A's Capital2,40,000B's Capital (Debit Balance)25,000Profit & Loss A/c (Debit Balance)30,000Trade Creditors40,000Loan from Mrs. A20,000Cash at Bank15,000 The assets (other than cash at bank) realised Rs 1,90,000 and all liabilities were paid off less 5% discount. Realisation expenses amounted to Rs 4,000. Prpare Realisation Account. Capital Accounts and Bank Account assuming that both the partners are solvent.

Answer»

A and B, who were sharing profits and losses in the ratio of 60% and 40% respectively, decided to dissolve the firm on 31st March, 2015 on which date some of the balances were as follows :

$\begin{matrix} Amount (Rs.) A's Capital & 2, 40, 000 B's Capital (Debit Balance) & 25, 000 Profit & Loss A/c (Debit Balance) & 30, 000 Trade Creditors & 40, 000 Loan from Mrs. A & 20, 000 Cash at Bank & 15, 000 \end{matrix}$

The assets (other than cash at bank) realised Rs 1,90,000 and all liabilities were paid off less 5% discount. Realisation expenses amounted to Rs 4,000.

Prpare Realisation Account. Capital Accounts and Bank Account assuming that both the partners are solvent.

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment